This text provides a comprehensive and unique introduction to modern microeconomics. It pursues an integrative approach by putting the main findings of economics into a broader perspective; theories are critically reflected...

This text provides a comprehensive and unique introduction to modern microeconomics. It pursues an integrative approach by putting the main findings of economics into a broader perspective; theories are critically reflected on from a philosophical standpoint and by comparing them to approaches found in the social sciences, while implications for the design of the legal system and business practices are highlighted throughout. In addition, the book presents brief examples and comprehensive case studies to facilitate an understanding of the theories’ real-world implications.Starting from the question as to why and how societies organize economic activity, the book adopts an institutional perspective to analyze the potential and limitations of different market types with regard to alleviating scarcity and achieving distributive objectives.It not only covers traditional rational-choice models, but also systematically introduces readers to important findings from behavioral economics and psychology.A companion workbook is available which features a wide variety of exercises, ranging from basic multiple-choice questions to challenging mathematical problems and case study scenarios.

Pursues an integrative approach that links economics with management, law, and philosophy, helping readers gain a better understanding of the potentials and limitations of the various theories

Companion workbook available which features a variety of exercises, ranging from basic multiple-choice questions to challenging mathematical problems and case study scenarios

Introduction: First PrinciplesGains from TradeA Primer in Markets and Institutions: IntroductionSupply and Demand Under Perfect CompetitionNormative EconomicsExternalities and the Limits of MarketsFoundations of Demand and Supply: Decisions and Consumer BehaviorCostsFirm Behavior and Industrial Organization: A Second Look at Firm Behavior Under Perfect CompetitionFirm Behavior in Monopolistic MarketsPrinciples of Game TheoryFirm Behavior in Oligopolistic MarketsAppendix: A Case StudyMathematical Appendix.

ABOUT THE AUTHOR

Martin Kolmar is Professor of Economics at the University of St. Gallen. He studied Economics in Bonn and Berkeley and holds a PhD in Economics from the University of Konstanz. His research interests range from Institutional and Behavioral to Normative Economics and Philosophy. He is especially interested in the evolutionary, psychological and neuroscientific foundations of behaviour and well-being.

Martin Kolmar is Professor of Economics at the University of St. Gallen. He studied Economics in Bonn and Berkeley and holds a PhD in Economics from the University of Konstanz. His research interests range from Institutional and Behavioral to Normative Economics and Philosophy. He is especially interested in the evolutionary, psychological and neuroscientific foundations of behaviour and well-being.